During an Extraordinary General Meeting (EGM) that was held yesterday at the United Arab Shipping Company S.A.G. (UASC) corporate office in Dubai, all six of UASC’s shareholding states voted unanimously to approve the proposed merger with Hapag-Lloyd AG with a relative valuation of the two businesses at 72% for Hapag-Lloyd’s shareholders and 28% for UASC’s shareholders. Several legal and administrative tasks need to be completed before the binding agreement can be formally signed.
Subsequently, both companies will initiate the requests for the necessary regulatory approvals. Until then, both companies will continue to operate as independent, stand-alone companies. Once the regulatory approvals are received, the integration of some activities are expected to begin. However, both companies will still continue to operate in their current alliances until the end of March 2017.